The Impact of New COVID-19 Restrictions
With the government regularly announcing regional COVID-19 measures, it is important that you prepare for what could mean further delays to your current and imminent mortgage applications.
We learnt a great deal in the UK-wide lockdown back in March. And some of the major impacts on mortgage applications and approvals were caused by a reduction in administrative staff and restrictions on surveyors carrying out valuations.
Tighter tier 2 and tier 3 restrictions will likely create significant delays to any ongoing and new mortgage applications. And, as we saw when valuations resumed back in May, the knock-on effect is yet further delays while appointments are set up, often with fewer surveyors available to complete the inspections.
Act Now to Avoid COVID-19 Delays
We recommend you get your mortgage applications in now. If you have any outstanding valuation fees, make sure to settle them too. By doing this now, your case will be first in line when restrictions lift again, meaning you’ll hopefully experience less delay. As we saw back in the spring, the later you join the queue, the longer you’ll have to wait for completion while lenders clear the backlog.
If you’ve found a property and are yet to finalise your mortgage finance, or if you’re sitting on a mortgage application that needs submitting, get in contact with our award-winning team on 0208 364 3444.